[Bitcoin Now] "Trump Coin" WLFI Plunges After Listing... Conflict of Interest Controversy

WLFI Coin Plunges After Initial Surge Post-Listing
Current Price Far Exceeds Last Year's Private Token Sale
Trump Family and Early Investors Estimated to Have Made Substantial Profits

Donald Trump Jr. (left) and Eric Trump pose in front of the Nasdaq electronic billboard in Times Square, New York, USA, on August 13 (local time). They are co-founders of the virtual asset company World Liberty Financial (WLFI). Photo by Reuters Yonhap News Agency

The WLFI coin, issued by World Liberty Financial (WLFI), a virtual asset company run by the Trump family, plummeted less than a day after its listing on September 1. However, it is believed that President Donald Trump and his family members have made substantial profits.

According to CoinMarketCap, a global virtual asset market monitoring site, as of 9 a.m. on September 2, the WLFI coin was trading at $0.23. This is nearly half of the intraday high of $0.46 recorded the previous day. The price, which surged immediately after listing, dropped to as low as $0.21 at one point during trading as a large volume of sell orders flooded the market, before rebounding slightly. At the same time, the market capitalization stood at approximately $5.85 billion, ranking 25th in the global virtual asset market.

WLFI coin has been listed on global exchanges such as Binance, Coinbase, Bybit, and OKX. It is also being traded on Korean exchanges such as Upbit and Bithumb.

Last year, investors purchased WLFI tokens privately at $0.015 per token. With this listing, they were able to sell their holdings on the open market. Although these investors are limited to selling up to 20% of their holdings, the high market price compared to the purchase price has resulted in significant profits. The New York Times reported, "Early investors are said to have realized considerable gains by cashing out a portion of their holdings."

It is reported that President Trump and his family collectively hold about one-quarter of all WLFI coins. The Financial Times, citing financial disclosures, reported that as of the end of last year, President Trump held 15.75 billion WLFI tokens. At the current market price, this amounts to approximately $3.6225 billion. The New York Times reported that the Trump family's total holdings reach 22.5 billion tokens.

The main figures behind WLFI's founding, who have become major players in the industry, are President Trump's three sons. President Trump himself is also listed as an "honorary co-founder." Among the founding partners is Jack Witkoff, son of Steve Witkoff, President Trump's special envoy to the Middle East. In mid-January, WLFI also issued a meme coin called "Official Trump." However, after listing at $75, the price of Official Trump has dropped to $8 as of today.

Democratic lawmakers and ethics experts are raising concerns about conflicts of interest. Senator Elizabeth Warren and Representative Maxine Waters stated in a letter in April that the Trump family's stake represents "an unprecedented conflict of interest," adding, "The Trump administration would have a clear incentive to push regulatory agencies such as the U.S. Securities and Exchange Commission (SEC) to adopt crypto-friendly policies."